KSPI Q2 2026 Earnings Call Summary

1Key Financial Results and Metrics

Revenue Growth: Up 16% year-over-year.

Adjusted EBITDA: Increased by 5%.

Dividend: Recommended increase of 18% compared to the previous year's dividend.

Marketplace GMV: Grew by 15%, with e-commerce GMV growing 28% on a constant currency basis.

Total Payment Volume (TPV): Grew 13% quarter-on-quarter.

Average Net Loan Portfolio: Increased by 18% year-over-year.

Take Rate: Increased by 110 basis points to 12.1%.

Net Income: Flat, reflecting pressures on EBITDA and regulatory changes.

2Strategic Updates and Business Highlights

E-commerce Focus: Significant growth in e-commerce, particularly in Kazakhstan and Turkiye, with a strong emphasis on enhancing delivery quality and speed.

Kasper AI Assistant: Launched in July 2026, aimed at improving consumer shopping experiences. Early metrics show promising engagement, with 20% of users interacting with Kasper and faster product discovery.

Fintech Expansion: Secured a banking license through the acquisition of Rabobank, with plans to invest $300 million in fintech capabilities, including shopping loans and merchant financing.

Consumer Experience: Focus on improving customer satisfaction and engagement, especially in Turkiye, where the strategy emphasizes building a loyal customer base rather than just growth metrics.

3Forward Guidance and Outlook

GMV Growth: Guidance for full-year GMV growth remains around 20%.

TPV Growth: Expected to moderate to around 15% due to inflation trends.

Loan Portfolio Growth: Guidance for a 15% increase in average net loan portfolio for the full year.

EBITDA Growth: Guidance unchanged at around 15%, despite first-half growth trending above this.

4Bad News, Challenges, or Points of Concern

Currency Impact: The depreciation of the Turkish lira against the Kazakh tenge affected reported revenue and EBITDA growth.

Cost of Funding: Increased by 150 basis points year-over-year, impacting profitability.

Regulatory Pressures: New national bank reserve requirements introduced, affecting net income.

Market Dynamics: Slower growth in Turkiye compared to Kazakhstan, with challenges in specific verticals like electronics due to supply chain issues.

5Notable Q&A Insights

Deposit Pricing Strategy: Management indicated a cautious approach to adjusting deposit rates in response to central bank policy, with expectations for gradual repricing.

Marketplace Dynamics: Kazakhstan's e-commerce growth is driven by vertical-specific strategies, while Turkiye focuses on enhancing customer experience and loyalty.

AI Development: Kasper's early performance metrics are encouraging, with a focus on building trust and reliability in AI recommendations.

Long-term Rate Outlook: Management expressed optimism about future earnings growth as inflation decreases and interest rates potentially lower. Overall, Kaspi's Q2 2026 results reflect strong growth in e-commerce and fintech, though challenges remain in currency fluctuations and regulatory impacts. The introduction of the Kasper AI assistant and strategic investments in fintech signal a forward-looking approach to enhancing customer engagement and operational efficiency.